MED Medibloc

Use Cases of Medibloc

Medibloc serves several key purposes within its decentralized healthcare information ecosystem:

• Incentivizing Contributions: Medibloc tokens are used to incentivize users to contribute to the ecosystem, such as by sharing their health data or participating in research studies.
• Payment Method: Medibloc tokens function as a payment method within the platform, facilitating transactions between patients, healthcare providers, and researchers.
• Data Management: The platform uses a points-based system called Medi Point (MP), which measures user participation. Users can purchase MP with Medibloc tokens or contribute to the data network. After collecting MP points, users can convert them to Medibloc tokens after a three-month waiting period.
• Medical Transactions: Medibloc tokens can be used for medical transactions such as insurance payments, making it a valuable tool for healthcare providers and patients alike.
• Governance: Medibloc tokens grant holders voting rights, allowing them to cast votes on proposals that affect the future of the project. Holders who stake their Medibloc coins receive voting power based on the amount of tokens staked.

Pros of MediBloc

• Decentralized Healthcare Information Ecosystem: MediBloc is a decentralized healthcare information ecosystem built on blockchain technology, allowing patients, healthcare providers, and researchers to track and record all aspects of healthcare history and situation.
• Patient Control: It puts patients in total control of their medical records, ensuring confidentiality according to HIPPA regulations and reducing the exploitation of patients’ healthcare data.
• Secure and Transparent Data Storage: The platform provides a secure and transparent data storage system, leveraging the immutability of blockchain to ensure data integrity and prevent unauthorized access.
• Global Data Interoperability: It facilitates the global exchange of real-time information among the medical community, reducing unnecessary data repetition and enhancing medical advancement.
• Incentivization: The MED token reward system encourages data owners to contribute to the data ecosystem through profit empowerment.

Cons of MediBloc

• Complexity: The platform's structure, comprising three layers (Core, Service, and Application), may be complex for some users to understand and navigate.
• Token Transition: The transition from MED to MEDX tokens and the need to swap tokens on specific dates may cause confusion and inconvenience for some users.
• Limited Accessibility: The project's main market is in South Korea, and some exchanges are exclusive to this market, limiting international accessibility.
• Dependence on Blockchain Technology: The platform's reliance on blockchain technology may expose it to the inherent risks and limitations of this technology, such as scalability issues and regulatory uncertainties.

Founders of Medibloc

Medibloc was founded by Dr. Allen Wookyun Kho and Dr. Eunsol Lee. Dr. Kho has a background in software engineering, having worked as a lead software engineer at Samsung Electronics, and also has experience as a dental surgeon. Dr. Lee is a certified physician with specialization in radiology and biomedical informatics, and also has expertise in software development. Their combined medical and technical expertise laid the foundation for creating Medibloc, a decentralized healthcare information platform.

Investors in Medibloc

Medibloc is backed by several investors, including:

• Company K Partners: A Korean investment firm.
• IMM Investment: A Korean investment company.
• Naver D2SF: A Korean startup accelerator and investment arm of Naver Corporation.

These investors have contributed to Medibloc's funding, particularly in its Series A fundraising round, which raised $3.5 million on December 2, 2020.

Halal Status of Medibloc

• Halal Status: Yes
• Reason: Medibloc is considered halal because it has been screened against robust Shariah guidelines and is listed as a halal cryptocurrency.